After opportunistic renaming, Nasdaq delisting, Long Blockchain goes full blockchain

Startups • March 7, 2019, 3:39PM EST
UPDATED: March 7, 2019, 3:59PM EST
The Block

Long Blockchain, formerly known as Long Island Iced Tea, is getting out of the tea business and into blockchain.

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The company announced in an SEC filing that it had reached an agreement to sell its ready-to-drink tea business to ECC Ventures 2 Corp for a combination of cash and shares. As part of the transaction, ECC Ventures 2 Corp is seeking to raise $2 million. 

Amid the 2017 crypto bull run, Long Island Iced Tea rebranded as Long Blockchain. This move sent the company's shares skyrocketing to as much as 289%. At the time of rebranding, Long Blockchain said it planned to invest and partner with companies in the blockchain ecosystem. Subsequently, the firm received a subpoena from the SEC and got delisted from Nasdaq after it failed to maintain the stock exchange's market capitalization requirements.

About Author

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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